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The career-horizon problem in capital investments for lone-founder and long-tenure acquirer CEOs in their final career stage

Author

Listed:
  • Chittima Silberzahn

    (EM - EMLyon Business School)

  • Jean-Luc Arregle

    (EM - EMLyon Business School)

Abstract

In this study, we apply organizational identification theory to enrich our knowledge of the career-horizon problem when CEOs are approaching retirement. The extant literature suggests that the closer a CEO is to retirement, the more likely she or he is to avoid long-term firm investments. Focusing on capital investments, we argue that the distinctive organizational identification with the firm of lone-founder CEOs and long-tenure acquirer CEOs can moderate the likelihood that the closer a CEO is to retirement, the more likely she or he is to avoid capital investments. We test and validate our hypotheses on a sample of CEOs in S&P 1500 non-financial firms between 1999 and 2010. This article contributes to the literature on CEO career horizons by providing a new and more fine-grained perspective on the important question of how different types of CEOs consider capital investments and the future of their firms as they approach retirement.

Suggested Citation

  • Chittima Silberzahn & Jean-Luc Arregle, 2019. "The career-horizon problem in capital investments for lone-founder and long-tenure acquirer CEOs in their final career stage," Post-Print hal-02312188, HAL.
    • Handle: RePEc:hal:journl:hal-02312188
    DOI: 10.1177/1476127018789594
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    Cited by:

    1. Qiao Wei & Jin-hui Luo & Xueli Huang, 2020. "Influence of Social Identity on Family Firms’ FDI Decisions: The Moderating Role of Internal Capital Markets," Management International Review, Springer, vol. 60(5), pages 651-693, October.
    2. Lili Ding & Zhongchao Zhao & Lei Wang, 2020. "Executive Incentives Matter for Corporate Social Responsibility under Earnings Pressure and Institutional Investors Supervision," Sustainability, MDPI, vol. 12(6), pages 1-22, March.

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